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Old Pension System Is One Of The Biggest Revdis Says Montek Singh Ahluwalia

Old Pension Scheme: Montek Singh Ahluwalia, former vice-chairman of the...

Old Pension Scheme: Montek Singh Ahluwalia, former vice-chairman of the Planning Commission (now NITI Aayog), has termed the Old Pension Scheme as the biggest renegade. He said that on one hand there is talk of reducing the revenue deficit but there is no discussion about how to reduce the expenses.

The old pension system is the biggest hawker
In the meeting of ICRIER, Montek Singh Ahluwalia said that there is no one who does not talk about reducing the revenue deficit but the business chamber FICCI (FICCI) is talking about reducing the tax. Along with this, hundreds of demands are being raised for additional expenditure. He said that I have not heard anyone saying how to avoid such expenses. Montek Singh Ahluwalia said that what Prime Minister Narendra Modi said about Revadi is correct, but there are many more Revadi than we know. Montek Singh said that the old pension system is one of the biggest rabids.

Many states adopted the old pension scheme
In recent times, many political parties are talking about restoring the old pension scheme. Congress has restored the old pension scheme in Rajasthan and Chhattisgarh. The Aam Aadmi Party has talked about restoring it in Punjab. Before this, the old pension scheme has become a big issue in the assembly elections of Uttar Pradesh and the recently concluded assembly elections of Himachal Pradesh and the Congress has promised to restore the old pension scheme if it comes to the government.

What is the old pension scheme!
Under the Old Pension Scheme, the Central and State Government employees used to get 50 per cent of the basic pay of the last pay drawn by them as pension after retirement. The New Pension Scheme was implemented from January 1, 2004, during the tenure of former Prime Minister Atal Bihari Vajpayee’s government. In which the employee has to contribute 10 percent of the basic salary and DA under Tier One, as well as the central government used to add the same amount, which has been increased to 14 percent later.

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CAG also expressed concern
Recently, CAG Girish Chandra Murmu has also talked about the risks of effects on the finances of the states if the old pension scheme is restored. Along with this, he said that the RBI and the 15th Finance Commission have also taken cognizance of the fiscal risk arising out of the restoration of the old pension scheme in some states.

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